KIB Launches 'BuyNow': First Kuwaiti Bank to Offer Buy Now, Pay Later Service

Kuwait International Bank (KIB) announced the launch of the BuyNow app, which offers the first “Buy Now, Pay Later” (BNPL) service provided by a bank in Kuwait. The app provides customers with a digital experience that combines shopping with flexible payment and financing options in one place, as part of its new KIB Now strategy aimed at enhancing the customer experience and expanding its suite of digital solutions. The announcement was made during a press conference held by KIB on October 7, where the bank presented the app, its features, and how to use it.

The launch of BuyNow marks the second digital platform introduced by the bank within just one month, following the recent launch of DriveNow, reflecting KIB’s accelerated pace in rolling out digital experiences that address various customer needs. BuyNow offers two main services: “Split” and “Finance.” The “Split” service allows eligible customers to purchase products and services worth up to 500 Kuwaiti dinars, repaying the amount in four equal monthly installments with 0% profit and no fees, featuring instant eligibility verification and immediate approval. Customers can also link their Kuwaiti ATM card or credit card to the app.

The “Finance” service enables financing for purchases exceeding 500 Kuwaiti dinars and reaching up to 25,000 Kuwaiti dinars, with 0% profit and no requirement to transfer salary. Repayment periods start from three months, depending on the customer’s eligibility, with a minimum monthly installment of 20 dinars. The service is available to both Kuwaitis and residents, whether they are KIB customers or clients of other banks, through consumer financing structured as Murabaha, compliant with Islamic Sharia principles.

On this occasion, Othman Tawfiq, General Manager of Retail Banking at KIB, said: “The launch of BuyNow represents a new step in developing what we offer our customers. The app combines shopping with payment and financing options in a single experience, giving customers greater flexibility to manage their purchases in a way that suits them. We have ensured that the experience is clear and simple, providing practical value across various aspects of daily life.”

Tawfiq added: “BuyNow follows closely on the heels of DriveNow, extending the KIB Now strategy through which we work to bring our services closer to customers and align them more closely with their interests and lifestyles. We aspire for these experiences to become part of various milestones in our customers’ lives, strengthening our relationship with them and embodying our corporate slogan, ‘A Bank for Life.’”

BuyNow allows customers to browse products and services from a range of participating brands and partners, compare options, and take advantage of offers available through the app. Categories include cars, health, education, furniture, electronics, and games. Customers can also track their financing requests and payments through the app in one place.

For his part, Mohammed Al-Sharif, General Manager of Digital Innovation and Information Intelligence at KIB, said: “When developing BuyNow, we started with the idea of streamlining the steps customers go through, from searching for a product or service to choosing the most suitable payment or financing method. Therefore, we designed an experience that integrates these stages within a cohesive digital environment, leveraging technology and data to make the customer journey faster and smoother.”

Al-Sharif added: “KIB Now is the framework through which we build a new generation of digital experiences. The launch of BuyNow shortly after DriveNow reflects our progress in implementing this direction and our ability to transform ideas into usable services for daily life.”

“Building on the achievements we have attained, we will continue to develop new solutions that keep pace with evolving customer behaviors and expectations.” The BuyNow user journey is designed to be straightforward: customers can download the app, browse available partners, products, and services, and then choose either the “Qasim” (Installments) or “Mawwal” (Financing) service based on their purchase value and eligibility. The “Qasim” service can be used via the app, at checkout on selected websites, and in physical stores through QR codes or payment links.

In this context, Abdulaziz Al-Shammari, Assistant General Manager – Retail Banking at KIB, stated: “For us, BuyNow represents more than just the addition of a new payment and financing option; it is part of a broader strategy to connect customer needs with solutions that simultaneously serve our corporate and merchant partners. Through this model, we are transforming payment and financing solutions into tools that support our partners’ business activities, help them reach a wider customer base, enhance sales opportunities, and deliver a more integrated experience for the bank, partners, and customers.”

Al-Shammari added: “This approach reflects greater integration among KIB’s sales channels, Retail Banking, and Corporate Banking divisions, as we work to build an interconnected ecosystem that brings together banking solutions, payment and financing options, all centered around the needs of customers and commercial partners. BuyNow represents a practical step in this direction, from which we aim to expand our partner network, deepen our relationships with them, and deliver value that goes beyond providing banking services to actively supporting their business growth and enhancing their customers’ experiences.”

The launch of BuyNow comes as part of KIB’s ongoing efforts to strengthen its digital infrastructure and invest in innovation and technology to support business growth and explore new opportunities, keeping pace with the rapid evolution of financial services and customer expectations.

Kuwait International Bank (KIB) operates in accordance with Islamic Sharia principles and is headquartered in the State of Kuwait. Founded in 1973, KIB was initially known as the Kuwait Real Estate Bank before transitioning into an Islamic bank in 2007. In 2018, KIB embarked on a new chapter in its journey of continuous development and transformation through a new strategy focused on delivering a superior customer experience under the slogan “Bank for Life.”

Through its branch network spread across Kuwait, KIB offers a diverse and comprehensive range of banking products and services, along with innovative digital solutions that align with international best practices. In line with its national mission, KIB provides a leading corporate social responsibility program aimed at creating a positive impact on society and individuals through numerous purpose-driven initiatives and activities.

Today, KIB is steadily advancing through the implementation phase of its strategic objectives, having solidified its role as a key player in the Kuwaiti banking sector. It has consistently maintained a strong financial position and outstanding performance, earning international recognition due to its robust credit rating and financial stability.